Interim report
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Q3 2025 Quarterly Statement November 13, 2025
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The CEWE-Group 2 EUROPE’S LEADING PHOTO SERVICE AND ONLINE PRINTING PROVIDER From its beginnings in 1912, CEWE has established itself as the first choice as a photo service for anyone looking to make more of their photos. The company’s CEWE PHOTOBOOK in particular stands for this, with multiple awards and significantly more than six million copies sold every year. Customers can obtain further personalised photo products through the brands CEWE, WhiteWall and Cheerz, for instance – and from many leading European retailers. These brand worlds inspire customers to produce a wide range of creative designs with their personal photos, and customers entrust the company with more than 2 billion photos every year. In addition, for the online printing market the CEWE Group has established a highly efficient production system for printed advertising media and business stationery. Billions of quality printing products reliably reach their customers via the distribution platforms SAXOPRINT, LASERLINE and viaprinto every year. The CEWE Group is committed to a sustainable corporate management philosophy which is also supported by the Neumullers, the company’s founding family and anchor investor, and has been recognised with multiple awards: for its long-term business focus; its fair, partnership-based relationships with customers, employees and suppliers; and for assuming social responsibility while pursuing an environmentally friendly approach and conserving resources. The CEWE Group is present in 21 countries, with 4,000 employees. The CEWE share is listed in the SDAX index.
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Key Indicators CEWE-Group 3
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Premium Quality with Leading Brands 4
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Preface 5 Dear Shareholders, Your company continued to grow its revenue in the third quarter, reaching a new high: Q3 group turnover grew by +6.1% to €174.4 million (Q3 2024: €164.3 million), while group EBIT reached €-0.4 million, an expected, seasonally typical Q3 figure (Q3 2024: €-0.1 million). In the third quarter, we invested the additional contribution margins from the increased business volume in further marketing measures (+€2.1 million), among other things – also in preparation for the important Christmas business. We are therefore optimistic about the fourth quarter, in which the majority of the annual results are traditionally generated. The CEWE Group is excellently positioned for the upcoming Christmas business, with all divisions having been preparing for the seasonal peak for months. We have once again invested more in the market and further expanded our strong brand positions. In addition, we can inspire our customers to design photo products of the highest quality with many new products. Production has achieved further efficiency gains and is focused on excellent delivery capability. We are therefore very positive about the volume-driven business growth in the first nine months and expect to translate further growth based on our high operating leverage effect into increased earnings again in Q4. With the business figures for the first nine months, your company CEWE is on track to achieve its annual targets. Photofinishing business continues to grow Photofinishing turnover rose by +6.7% to €145.3 million in the third quarter of 2025 (Q3 2024: €136.1 million). The total number of photos sold grew by +6.8% to 579 million (Q3 2024: 543 million), while sales of the CEWE PHOTOBOOK rose by +7.3% to 1.325 million copies (Q3 2024: 1.234 million copies). The trend towards higher-quality photobooks even increased turnover with the CEWE PHOTOBOOK by +8.9%. At €0.1 million, photo finishing EBIT is at a typical Q3 level and thus – despite additional costs for marketing measures, including in preparation for the Q4 Christmas business – only slightly below the EBIT of the same quarter of the previous year (Q3 2023: €0.4 million). Your company received a very special honor in the past quarter: the CEWE PHOTOBOOK with panorama page was named “Favorite Design of the Year” and received the Photographers' Choice 2025 Award. What makes this award special is that it is given on the basis of a global online survey of photographers, who can vote for any of the winners of the TIPA World Awards 2025.
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Yours Thomas Mehls Commercial Online-Print sees turnover growth again After a weaker second quarter, Commercial Online-Print (COP) showed a slight recovery in Q3 with a 2.0% increase in revenue to €21.5 million (Q3 2024: €21.1 million) in a market that remains difficult overall. As a result, COP achieved a slightly weaker EBIT of €-0.2 million in Q3, down €0.2 million (EBIT Q3 2024: €0.0 million). This slight decline in earnings was primarily due to deliberate investments in international markets and the generally enforceable price level in a highly price-competitive environment. In addition, the expansion of SAXOPRINT's production site in Dresden to a “hybrid production” facility is currently still resulting in minor additional expenses. To further increase efficiency, the current offset production is being supplemented by digital printing capacities. CEWE retail continues to be well positioned with another increase in turnover The retail business with photo hardware (cameras, lenses, photo accessories) reported in the Retail segment achieved a clear increase in turnover of +7.1% to €7.6 million in the third quarter (Q3 2024: €7.1 million). The retail business in Norway and Poland, with its focus on premium products, performed particularly well. The division achieved a balanced result with Q3 EBIT of €0.0 million (Q3 2024: €-0.1 million). The retail business also traditionally generates the majority of its annual results in the fourth quarter's Christmas business. Make yourself or others a pleasure with photo products from CEWE What could be a better Christmas gift than a personalized photo product from CEWE—with your own pictures and the most beautiful moments and memories associated with them? This year, we have once again expanded our product range with many new additions – such as the new premium cover designs, colored inside covers, and the integrated memory pocket for the CEWE PHOTOBOOK, the new Advent calendar to fill with 24 boxes, new photo calendars, and the wall art number collage. Let yourself be inspired and design your own personal favorite product. We are here for you, ready to deliver your order in outstanding quality with our usual reliability, even up until shortly before Christmas Eve.
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7 CEWE Group with expected, seasonally typical Q3 results Third quarter results confirm annual target for 2025 Group turnover Q3 Group EBIT Q3 Group turnover increase by +6.1%. Group EBIT fully in line with expectations. Annual targets for 2025 also confirmed with Q3. Rounding differences may occur. in Euro millions in Euro millions -2.1 1.0 1.2 -0.1 -0.4 2021 2022 2023 2024 2025 132.4 149.2 157.8 164.3 174.4 2021 2022 2023 2024 2025
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8 Group turnover Q1-3 Group EBIT Q1-3 Group turnover increases by +4.7%. Group EBIT fully in line with expectations. Annual targets for 2025 confirmed with Q1-3. Rounding differences may occur. in Euro millions in Euro millions CEWE Group on target in Q1-3 2025 Results for Q1-3 confirm annual target for 2025 0.1 -1.4 2.3 5.0 1.8 2021 2022 2023 2024 2025 395.0 416.1 453.2 481.1 503.8 2021 2022 2023 2024 2025
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3.1 0.1 2.3 5.0 1.8 46.1 57.5 58.8 80.3 72.1 77.0 81.6 81.2 -3.8 -2.0 -0.6 -1.4 2017 2018 2019 2020 2021 2022 2023 2024 e2025 EBIT Q1-3 EBIT Q4 Earnings distribution Q1-3 vs. Q4 in million euros Required Q4 EBIT development to achieve the annual target 82.2 to 90.2 Required Q4 EBIT development to achieve the annual target difference to previous year in million euros 56.853.7 92 49.2 79.7 EBIT target range Development in Q4 EBIT required to achieve the annual target vs. PY would lead to 84 m€ EBIT would lead to 92 m€ EBIT 72.2 84 75.6 9 83.9 +1.0 86.1 +9.0 eQ4 2025 »The consistently positive (primarily volume-driven) revenue growth and Photofinishing’s significant operating leverage effect in Q4 makes the EBIT target range appear well within reach Rounding differences may occur.
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(1) Business segment Photofinishing (2) Business segment Commercial Online-Print (3) Business segment Retail (4) Business segment Other (5) Results CEWE-Group (6) Financial Report (7) Notes Agenda
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Business Segment Photofinishing Q3 in Euro millions »Photofinishing continues to grow turnover in the third quarter and achieves a result typical for the season Turnover 11 Photofinishing turnover rose by 6.7% to EUR 145.3 million in the third quarter (Q3 2024: EUR 136.1 million). The increase in revenue is primarily volume-driven, with the total number of photos across all products rising by +6.8%, meaning that turnover per photo are almost exactly at the same level as in the previous year. At EUR 0.1 million, EBIT in Photofinishing is at a typical Q3 level and thus – despite additional marketing costs of around EUR 2.1 million, also in preparation for the Q4 Christmas business – only slightly below the EBIT for the same quarter of the previous year (Q3 2023: EUR 0.4 million). In addition, the quarterly result carries around €3.4 million in increased personnel costs resulting from the current collective agreement and new hires. Rounding differences may occur. ▪ Special items Q3 2025: -0.6 million euros - Effects from the purchase price allocation of Cheerz: -0.2 million euros - Effects from the purchase price allocation of WhiteWall: -0.3 million euros - Effects from the purchase price allocation of Hertz: -0.1 million euros ▪ Special items Q3 2024: -0.8 million euros - Effects from the purchase price allocation of Cheerz: -0.2 million euros - Effects from the purchase price allocation of WhiteWall: -0.5 million euros - Effects from the purchase price allocation of Hertz: -0.1 million euros +6.7% EBIT 106.3 120.2 128.7 136.1 145.3 2021 2022 2023 2024 2025 -2.1 0.9 0.7 0.4 0.1 2021 2022 2023 2024 2025 -84.5%
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Business Segment Photofinishing Q1-3 in Euro millions »Photofinishing in Q1-3 in line with planned and expected turnover and earnings development Turnover 12 Photofinishing turnover increased by 5.3% to EUR 417.5 million in the first nine months (Q1-3 2024: EUR 396.3 million). The total volume of photos across all products increased by 4.2%, while turnover per photo increased by 1.1%, driven primarily by the higher-value demand mix (“premiumization”) and price increases. Photofinishing-EBIT reached EUR 2.7 million in the first nine months (Q1-3 2024: EUR 4.9 million). In comparison to the previous year the result carries around EUR 9.3 million in more personnel costs (from current collective agreement and new hires), around EUR 2.4 million in one-off personnel cost (one-off payments in accordance with the collective agreement and provisions for departing board members) and around EUR 4.1 million in higher marketing expenses, which were necessary to achieve the top-line result and also to prepare for the Christmas business in the fourth quarter already. In addition, around EUR 1.9 million more in IT-licence-fees were incurred than in the previous year. Rounding differences may occur. +5.3% EBIT -43.8% 324.9 334.0 365.2 396.3 417.5 2021 2022 2023 2024 2025 2.1 -0.9 1.8 4.9 2.7 2021 2022 2023 2024 2025 ▪ Special items Q1-3 2025: -1.7 million euros -Effects from the purchase price allocation of Cheerz: -0.6 million euros -Effects from the purchase price allocation of WhiteWall: -0.9 million euros -Effects from the purchase price allocation of Hertz: -0.3 million euros ▪ Special items Q1-3 2024: -2.2 million euros -Effects from the purchase price allocation of Cheerz: -0.6 million euros -Effects from the purchase price allocation of WhiteWall: -1.4 million euros -Effects from the purchase price allocation of Hertz: -0.3 million euros
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Photofinishing-Turnover by Quarter Seasonal distribution: CEWE 2021 to 2025 – Turnover by quarter in million euros 125.0 112.6 126.1 137.6 144.8 2021 2022 2023 2024 2025 106.3 120.2 128.7 136.1 145.3 2021 2022 2023 2024 2025 265.2 282.1 293.6 317.7 2021 2022 2023 2024 2025 * group turnover w/o segments retail, commercial online-print and other Q3 actual: 145.3 m€ Q1 target: 138.3 to 144.1 m€ Q1 actual: 144.8 m€ Turnover target 2025: approx. 709 to 739 m€* Q3 target: 138.3 to 144.1 m€ Q1 Q2 Q3 Q4 »Photofinishing turnover in all quarters above the planned target range Rounding differences may occur.13 Q4 actual: - Q4 target: - 93.6 101.2 110.4 122.6 127.3 2021 2022 2023 2024 2025Q2 target: 120.5 to 125.6 m€ Q2 actual: 127.3 m€
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69.1 74.6 78.2 78.6 2021 2022 2023 2024 e2025 -2.1 0.9 0.7 0.4 0.1 2021 2022 2023 2024 2025 -5.7 -4.3 -4.1 -3.1 -2.9 2021 2022 2023 2024 2025 9.8 2.5 5.2 7.5 5.6 2021 2022 2023 2024 2025 Photofinishing-EBIT by Quarter Seasonal distribution: CEWE 2021 to 2025 – EBIT by quarter in million euros * group EBIT w/o segments retail, commercial online-print and other Q3 actual: +0.1 m€ Q1 target: +5.5 to +6.5 m€ Q1 actual: +5.6 m€ EBIT target 2025: approx. 80.5 to 88.5 m€* Q2 target: -2.5 to -4.0 m€ Q2 actual: -2.9 m€ Q3 target: 0.0 to 1.0 m€ Q1 Q2 Q3 Q4 »Photofinishing EBIT also within expected target range in all quarters Rounding differences may occur.14 Q4 actual: - Q4 target: -
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106.3 120.2 128.7 136.1 145.3 2021 2022 2023 2024 2025 459 517 529 543 579 2021 2022 2023 2024 2025 23.16 23.23 24.32 25.08 25.07 2021 2022 2023 2024 2025 Number of prints and turnover Photofinishing Q3 0.0%+6.8% Target 2025: 0% to +2% 15 Total prints in millions Value per photo Turnover per photo Euro cent per photo Turnover Photofinishing in Euro millions » Increase in photo volume drives revenue growth in the third quarter +6.7% Rounding differences may occur. x = Premiumization remains visible Higher revenue deferral than in the previous year due to calendar effects masks actual increase in revenue per photo of +0.5%
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324.9 334.0 365.2 396.3 417.5 2021 2022 2023 2024 2025 24.07 23.95 24.57 25.47 25.75 2021 2022 2023 2024 2025 1,350 1,394 1,486 1,556 1,621 2021 2022 2023 2024 2025 Number of prints and turnover Photofinishing Q1-3 +1.1%+4.2% Target 2025: 0% to +2% 16 Total prints in millions Value per photo Turnover per photo Euro cent per photo Turnover Photofinishing in Euro millions » Photo volume and revenue per photo continue to grow, driving up photofinishing revenue +5.3% Rounding differences may occur. x =
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1,088 1,229 1,252 1,234 1,325 2021 2022 2023 2024 2025 3,324 3,403 3,585 3,591 3,765 2021 2022 2023 2024 2025 CEWE PHOTOBOOK +7.3% Target 2025: -1% to +2%Q3 in thousands » CEWE PHOTOBOOK grows significantly in Q3 with +7.3%, Q1-3 volume growth at +4.8% » Trend toward higher-value CEWE PHOTOBOOKs continues: +8.9% sales growth in Q3, +7.4% in Q1-3 17 Rounding differences may occur. +4.8% Target 2025: -1% to +2%Q1-3 in thousands
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(1) Business segment Photofinishing (2) Business segment Commercial Online-Print (3) Business segment Retail (4) Business segment Other (5) Results CEWE-Group (6) Financial Report (7) Notes Agenda
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Service focus Cost leader in industrial online printing Metropolitan area Berlin »Business and advertising prints: flyers, business cards, stationery, packaging, promotional items, etc. 19 Commercial Online-Print
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Business Segment Commercial Online-Print Q3 in Euro millions »COP with turnover growth in the third quarter Turnover 20 EBIT +2.0% Commercial Online-Print (COP) recorded a slight recovery in the third quarter (in a weaker overall market, particularly in Germany) with turnover growth of +2.0%. However, with its best price guarantee, COP appears to be continuing to gain market share. COP achieved in Q3 a slightly weaker EBIT of €-0.2 million than in the previous year (Q3 2024: €0.0 million). This slight decline was mainly due to the weak market in Germany, with lower price levels compared to the previous year, and deliberate investments in international markets (the Netherlands, Belgium, France, Spain and the UK). In addition, the establishment of efficiency-enhancing “hybrid production” (offset and digital printing) at Saxoprint is still resulting in minor additional expenses. The parallel expansion of digital printing capacities alongside the established offset printing will further increase the efficiency of the entire production site through optimal allocation of print jobs. Rounding differences may occur. * * * Previous year's turnover and EBIT adjusted by € -0.158 million due to the correction of a major customer invoice in COP; effect for the full year 2024 already taken into account in Q4 2024 -0.2 0.2 0.7 0.0 -0.2 2021 2022 2023 2024 2025 16.6 21.3 21.9 21.1 21.5 2021 2022 2023 2024 2025 ▪ Special items Q3 2025: -0.03 million euros − Effects from the purchase price allocation of Laserline: -0.03 million euros ▪ Special items Q3 2024: -0.03 million euros − Effects from the purchase price allocation of Laserline: -0.03 million euros
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Business Segment Commercial Online-Print Q1-3 in Euro millions Turnover 21 EBIT -115% +0.2% Commercial Online-Print (COP) managed to grow slightly in a weaker overall market, rising by 0.2% and thus achieving sales in Q1-3 at the previous year's level. With its best price guarantee, COP appears to be continuing to gain market share. COP achieved an EBIT of €-0.2 million in Q1-3 (Q1-3 2024: €1.5 million). The decline was mainly due to deliberate investments in international markets (the Netherlands, Belgium, France, Spain and the UK) and the generally enforceable price level in a highly competitive environment, particularly in Germany. In addition, the establishment of efficiency-enhancing “hybrid production” (offset and digital printing) at Saxoprint is still leading to minor additional expenses. The parallel expansion of digital printing capacities alongside the established offset printing will further increase the efficiency of the entire production site through optimal allocation of print jobs. Rounding differences may occur. * * * Previous year's revenue and EBIT adjusted by €0.5 million due to the correction of a major customer invoice in KOD; the effec t for the full year 2024 was already taken into account in Q4 2024. »COP invests in international markets and reduces earnings, mainly due to weak market in Germany 43.1 60.0 66.3 63.7 63.9 2021 2022 2023 2024 2025 -1.1 0.0 1.5 1.5 -0.2 2021 2022 2023 2024 2025 ▪ Special items Q1-3 2025: -0.1 million euros − Effects from the purchase price allocation of Laserline: -0.1 million euros ▪ Special items Q1-3 2024: -0.1 million euros − Effects from the purchase price allocation of Laserline: -0.1 million euros
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(1) Business segment Photofinishing (2) Business segment Commercial Online-Print (3) Business segment Retail (4) Business segment Other (5) Results CEWE-Group (6) Financial Report (7) Notes Agenda
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101 stationary photo retail stores in Scandinavia and Central Eastern Europe E-commerce webshops sell hardware (cameras and accessories) and photo products from CEWE at the POS and on the Internet CEWE Retail with focus on Photofinishing business 23
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Business Segment Retail* Q3 in Euro millions Turnover EBIT +7.1% The hardware retail business continues to be well positioned and even achieved a +7.1% increase in turnover to €7.6 million (Q3 2024: €7.1 million). Among other things, the retail business in Norway and Poland continued to develop very positively: with its focus on premium products, CEWE's retail business there was able to further succeed against the often price- driven market participants and, according to its own assessment, gained market share. With an EBIT of €0.0 million, the retail business achieved a balanced Q3 result (Q3 2024: €-0.1 million). Due to the seasonal nature of the business, the fourth quarter is also the most profitable quarter of the year for hardware retail. ▪ Special items Q3 2025: none ▪ Special items Q3 2024: none * only hardware, no photofinishing Rounding differences may occur. 24 »Retail continues to be well positioned and even sees further growth in turnover 7.5 7.7 7.2 7.1 7.6 2021 2022 2023 2024 2025 0.0 -0.1 -0.1 -0.1 0.0 2021 2022 2023 2024 2025
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Business Segment Retail* Q1-3 in Euro millions Turnover EBIT +6.5% The hardware retail business continues to be well positioned and even achieved a +6.5% increase in turnover to €22.4 million (Q1-3 2024: €21.0 million). Among other things, the retail business in Norway and Poland developed very positively: with its focus on premium products, CEWE's retail business there was able to further succeed against the often price-driven market participants and, according to its own assessment, gained market share. With an EBIT of €-0.2 million, the retail business achieved an improved, typical level of earnings in the first nine months (Q1-3 2024: €-0.3 million). Due to the seasonal nature of the business, hardware retail is traditionally still slightly negative in the first nine months. In retail, too, Christmas sales in the fourth quarter deliver the positive full-year result. ▪ Special effects Q1-3 2025: none ▪ Special effects Q1-3 2024: none * only hardware, no photofinishing Rounding differences may occur. 25 »Retail continues to be well positioned and even increases its turnover +38.8% 21.4 22.2 21.8 21.0 22.4 2021 2022 2023 2024 2025 -0.8 -0.5 -0.4 -0.3 -0.2 2021 2022 2023 2024 2025
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(1) Business segment Photofinishing (2) Business segment Commercial Online-Print (3) Business segment Retail (4) Business segment Other (5) Results CEWE-Group (6) Financial Report (7) Notes Agenda
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Business Segment Other Q3 in Euro millions »Other results in line with expectations Turnover 27 EBIT After the sale of futalis, the business segment Others will no longer generate any turnover. The reported EBIT contribution of the Other segment amounted to €-0.2 million in the third quarter (Q3 2024: €-0.4 million). This slight improvement in EBIT was primarily due to higher income from property rentals. In the previous year, the impairment of a right of use for a sublet property reduced income from property ownership by €0.2 million. Structural and corporate costs and profits arising from real estate property and company investments are shown in the "other" business segment. Rounding differences may occur. +48.3% 1.9 0.0 0.0 0.0 0.0 2021 2022 2023 2024 2025 0.3 0.0 -0.2 -0.4 -0.2 2021 2022 2023 2024 2025
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Business Segment Other Q1-3 in Euro millions »Other results in line with expectations Turnover 28 EBIT After the sale of futalis, the business segment Others will no longer generate any turnover. The reported EBIT contribution of the Other segment amounted to €-0.6 million in the first nine months (Q1-3 2024: €-1.1 million). Higher income from property rentals was the main factor behind this improvement in EBIT. Structural and corporate costs and profits arising from real estate property and company investments are shown in the "other" business segment. Rounding differences may occur. +46.8% -0.2 0.0 -0.6 -1.1 -0.6 2021 2022 2023 2024 2025 5.6 0.0 0.0 0.0 0.0 2021 2022 2023 2024 2025
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(1) Business segment Photofinishing (2) Business segment Commercial Online-Print (3) Business segment Retail (4) Business segment Other (5) Results CEWE-Group (6) Financial Report (7) Notes Agenda
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Turnover Q3 »Group turnover reaches new Q3 high The retail sector continues to be well positioned and has even achieved a clear increase in turnover compared to the previous year. in Euro millions Retail: +7.1% (fx-adj.: +6.7%) COP is recovering slightly with a 2.0% increase in revenue in a market that continues to decline overall. Commercial Online-Print: -2.0% (fx-adj.: -2.0%) The core PF business continues to grow strongly in terms of revenue and achieved a new record in the third quarter. Photofinishing: +6.7% (fx-adj.: +6.8%) 30 Rounding differences may occur. * * * Previous year’s turnover adjusted by €-0.158 million due to the correction of a major customer invoice in KOD; effect for the fu ll year 2024 already taken into account in Q4 2024 106.3 120.2 128.7 136.1 145.3 16.6 21.3 21.9 21.1 21.5 7.5 7.7 7.2 7.1 7.6 1.9 132.4 149.2 157.8 164.3 174.4 2021 2022 2023 2024 2025 Photofinishing Commercial Online-Print Retail Other +6.1% (fx-adj.: +6.1%) *
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Turnover Q1-3 »Group turnover reaches new Q1-3 high The retail sector continues to be well positioned and has even achieved an increase in turnover compared to the previous year. in Euro millions Retail: +6.5% (fx-adj.: +6.3%) COP is holding its own against the competition and showing stable sales (in a persistently declining market). Commercial Online-Print: -0.2% (fx-adj.: -0.2%) The core business PF continues to grow strongly in terms of turnover and achieves a new Q1-3 high. Photofinishing: +5.3% (fx-adj.: +5.3%) 31 Rounding differences may occur. * * * Previous year's turnover adjusted by €-0.5 million due to the correction of a major customer invoice in KOD; effect for the full year 2024 already taken into account in Q4 2024 324.9 334.0 365.2 396.3 417.5 43.1 60.0 66.3 63.7 63.9 21.4 22.2 21.8 21.0 22.4 5.6 395.0 416.1 453.2 481.1 503.8 2021 2022 2023 2024 2025 Photofinishing Commercial Online-Print Retail Other +4.7% (fx-adj.: +4.7%) *
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EBIT 32 in Euro millions 0.10.40.70.9-2.1 -0.20.00.70.2-0.2 0.0-0.1-0.1-0.1-0.0 -0.2-0.4-0.2-0.0-0.3 CEWE Group -0.4-0.11.0-2.1 20252024202320222021 Q3 1.2 Fotofinishing Komm. Online-Druck Einzelhandel Sonstiges Photofinishing Comm. Online-Print Retail Others »CEWE Group with expected, seasonally typical Q3 result Rounding differences may occur. * Previous year's EBIT adjusted by €-0.158 million due to the correction of a major customer invoice in KOD; effect for the full y ear 2024 already taken into account in Q4 2024 *-0.1 1.21.0 -2.1 -0.4
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1.8 5.0 2.3 -1.4 0.1 * EBIT 33 in Euro millions 2.74.91.8-0.92.1 -0.21.51.50.0-1.1 -0.2-0.3-0.4-0.5-0.8 -0.5-1.1-0.60.0-0.2 CEWE Group 1.85.0-1.40.1 20252024202320222021 Q1-3 2.3 Fotofinishing Komm. Online-Druck Einzelhandel Sonstiges Photofinishing Comm. Online-Print Retail Others »CEWE Group in Q1-3 2025 on track to achieve its annual targets Rounding differences may occur. * Previous year's EBIT adjusted by EUR -0.5 million due to the correction of a major customer invoice in KOD; effect for the full year 2024 already taken into account in Q4 2024
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(1) Business segment Photofinishing (2) Business segment Commercial Online-Print (3) Business segment Retail (4) Business segment Other (5) Results CEWE-Group (6) Financial Report (7) Notes Agenda
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Figures in thousands of euros Q3 2024 in % of revenues Q3 2025 in % of revenues ∆ as % ∆ as th.euros Revenues 164,265 100% 174,366 100% 6.1% 10,101 Increase / decrease in finished and unfinished goods 10 0.0% 203 0.1% >1,000% 193 Other own work capitalised 1,130 0.7% 1,374 0.8% 21.6% 244 Other operating income 5,642 3.4% 6,351 3.6% 12.6% 709 Cost of materials -42,447 -25.8% -45,123 -25.9% -6.3% -2,676 Gross profit 128,600 78.3% 137,171 78.7% 6.7% 8,571 Personnel expenses -54,868 -33.4% -58,480 -33.5% -6.6% -3,612 Other operating expenses -60,771 -37.0% -66,032 -37.9% -8.7% -5,261 EBITDA 12,961 7.9% 12,659 7.3% -2.3% -302 Amortisation/Depreciation -13,065 -8.0% -13,038 -7.5% 0.2% 27 Earnings before interest, taxes (EBIT) -104 -0.1% -379 -0.2% -264% -275 Financial income 246 0.1% 255 0.1% 3.7% 9 Financial expenses -418 -0.3% -359 -0.2% 14.1% 59 Financial result -172 -0.1% -104 -0.1% -39.5% 68 Earnings before taxes (EBT) -276 -0.2% -483 -0.3% -75.0% -2070 0 Consolidated income statement Q3 2025 35 * » All business segments are contributing to the increase in revenues » Personnel expenses are increasing mainly due to wage and salary adjustments under collective agreements and new recruitments » The increase in other operating expenses is primarily attributable to higher spending on marketing activities and increased IT license fees Rounding differences may occur. * Previous year's EBIT adjusted by €-0.158 million due to the correction of a major customer invoice in KOD; effect for the full y ear 2024 already taken into account in Q4 2024
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130.5 145.5 124.9 121.3 131.7 84.4 73.7 69.0 70.9 69.1 288.2 309.2 341.1 369.4 400.0 503.1 528.4 535.1 561.7 600.8 2021 2022 2023 2024 2025 140.6 160.6 162.6 174.0 198.4 362.6 367.8 372.5 387.7 402.4 503.1 528.4 535.1 561.7 600.8 2021 2022 2023 2024 2025 Balance Sheet on 30 September Non-current liabilities Equity Current liabilities Assets in Euro millions +39.1 +30.6 Liabilities in Euro millions Non-current assets Current assets »CEWE with a strong equity ratio of 66.6% (September 30, 2024: 65.8%) »Total assets increase by €39.1 million (+7.0%), mainly due to rise in cash, inventories and property, plant, and equipment 36 Rounding differences may occur.
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-15.1 -16.0 -11.7 -15.6 -18.0 2021 2022 2023 2024 2025 3.7 12.0 8.5 5.8 5.0 2021 2022 2023 2024 2025 -11.5 -4.0 -3.2 -9.9 -13.0 2021 2022 2023 2024 2025 =+ Free cash flow Q3 » Cash flow from operating activities declines mainly due to tax payments » Cash outflow from investing activities increases due to investments in digital printing and point-of-sale » Free cash flow declines by €3.2 million compared to the previous year 37 Rounding differences may occur. Cash flow from operating activities in Euro millions Cash flow from investing activities in Euro millions Free cash flow in Euro millions
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-78.4 -61.3 -35.5 -50.8 -65.2 2021 2022 2023 2024 2025 -34.1 -44.1 -33.6 -43.1 -39.6 2021 2022 2023 2024 2025 -44.3 -17.1 -1.9 -7.7 -25.7 2021 2022 2023 2024 2025 =+ Free cash flow Q1-3 » The decrease in cash flow from operating activities is due to lower earnings and net operating working capital effects (increase in inventories and decrease in trade payables) » Investment cash outflows declined as a result of reduced spending on fixed assets and the absence of the previous year’s acquisition of East-Print » Free cash flow decreased by €14.5 million compared to the previous year 38 Rounding differences may occur. Cash flow from operating activities in Euro millions Cash flow from investing activities in Euro millions Free cash flow in Euro millions
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19.8% 16.6% 18.1% 18.7% 16.8% 2021 2022 2023 2024 2025 405.2 426.0 439.2 463.0 493.4 2021 2022 2023 2024 2025 = Avarage capital employed in the past 4 quarters in Euro millions ROCE * ROCE = EBIT / Capital Employed. Rounding differences may occur »ROCE remains at a strong level: 16.8% »Excluding the increase in cash in capital employed, ROCE even at 17.3% ROCE* in % 39 80.4 70.7 79.3 86.6 82.9 2021 2022 2023 2024 2025 12-months-EBIT in Euro millions
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(1) Business segment Photofinishing (2) Business segment Commercial Online-Print (3) Business segment Retail (4) Business segment Other (5) Results CEWE-Group (6) Financial Report (7) Notes Agenda
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Consolidated income statement 41 Rounding differences may occur. Figures in thousands of euros Q3 2024 Q3 2025 ∆ as % ∆ as th.euros Q1 - Q3 2024 Q1 - Q3 2025 ∆ as % ∆ as th.euros Revenues 164,265 174,366 6.1% 10,101 481,055 503,768 4.7% 22,713 Increase / decrease in finished and unfinished goods 10 203 >1,000% 193 54 -124 -330% -178 Other own work capitalised 1,130 1,374 21.6% 244 3,450 3,055 -11.4% -395 Other operating income 5,642 6,351 12.6% 709 17,866 23,317 30.5% 5,451 Cost of materials -42,447 -45,123 -6.3% -2,676 -121,633 -127,117 -4.5% -5,484 Gross profit 128,600 137,171 6.7% 8,571 380,792 402,899 5.8% 22,107 Personnel expenses -54,868 -58,480 -6.6% -3,612 -164,537 -177,567 -7.9% -13,030 Other operating expenses -60,771 -66,032 -8.7% -5,261 -172,320 -185,094 -7.4% -12,774 EBITDA 12,961 12,659 -2.3% -302 43,935 40,238 -8.4% -3,697 Amortisation/Depreciation -13,065 -13,038 0.2% 27 -38,972 -38,485 1.2% 487 Earnings before interest, taxes (EBIT) -104 -379 -264% -275 4,963 1,753 -64.7% -3,210 Financial income 246 255 3.7% 9 1,894 1,203 -36.5% -691 Financial expenses -418 -359 14.1% 59 -1,157 -1,213 -4.8% -56 Financial result -172 -104 -39.5% 68 737 -10 -101% -747 Earnings before taxes (EBT) -276 -483 -75.0% -207 5,700 1,743 -69.4% -3,9570
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Consolidated balance sheet: Assets 42 Rounding differences may occur. Figures in thousands of euros Sep. 30, 2024 Jun. 30, 2025 Sep. 30, 2025 ∆ as of Jun. 30, 2024 ∆ as of Sep. 30, 2024 Property, plant and equipment 248,225 256,228 261,178 1.9% 5.2% Investment properties 14,322 15,573 15,381 -1.2% 7.4% Goodwill 81,775 79,736 79,736 0.0% -2.5% Intangible assets 19,945 20,544 20,365 -0.9% 2.1% Financial assets 6,488 6,938 6,996 0.8% 7.8% Non-current financial assets 888 972 1,060 9.1% 19.4% Non-current other receivables and assets 1,790 1,214 1,139 -6.2% -36.4% Deferred tax assets 14,304 16,510 16,519 0.1% 15.5% Non-current assets 387,737 397,715 402,374 1.2% 3.8% Inventories 65,343 65,832 69,952 6.3% 7.1% Current trade receivables 38,639 38,526 39,578 2.7% 2.4% Current receivables from income tax refunds 21,386 15,584 22,790 46.2% 6.6% Current financial assets 2,415 2,526 2,404 -4.8% -0.5% Other current receivables and assets 12,670 14,976 14,877 -0.7% 17.4% Cash and cash equivalents 33,507 67,706 48,776 -28.0% 45.6% Current assets 173,960 205,150 198,377 -3.3% 14.0% Assets 561,697 602,865 600,751 -0.4% 7.0%
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Consolidated balance sheet: Equity and liabilities 43 Rounding differences may occur. Figures in thousands of euros Sep. 30, 2024 Jun. 30, 2025 Sep. 30, 2025 ∆ as of Jun. 30, 2024 ∆ as of Sep. 30, 2024 Subscribed capital 19,349 19,349 19,349 0.0% 0.0% Capital reserve 73,901 74,336 74,482 0.2% 0.8% Treasury shares at acquisition cost -39,572 -47,618 -49,937 -4.9% -26.2% Retained earnings and unappropriated profits 315,761 356,278 356,097 -0.1% 12.8% Equity of the shareholders of CEWE KGaA 369,439 402,345 399,991 -0.6% 8.3% Non-current accruals for pensions 32,977 30,989 31,291 1.0% -5.1% Non-current deferred tax liabilities 3,424 1,586 1,437 -9.4% -58.0% Non-current other accruals 540 489 494 1.0% -8.5% Non-current lease liabilities 32,958 36,414 35,006 -3.9% 6.2% Non-current financial liabilities 507 380 348 -8.4% -31.4% Non-current other liabilities 512 487 487 0.0% -4.9% Non-current liabilities 70,918 70,345 69,063 -1.8% -2.6% Current tax liabilities 7,440 10,345 8,208 -20.7% 10.3% Current other accruals 2,867 2,980 2,796 -6.2% -2.5% Current interest-bearing financial liabilities 94 787 145 -81.6% 54.3% Current lease liabilities 9,086 9,902 9,630 -2.7% 6.0% Current trade payables 69,066 67,405 70,857 5.1% 2.6% Current financial liabilities 529 144 245 70.1% -53.7% Current other liabilities 32,258 38,612 39,816 3.1% 23.4% Current liabilities 121,340 130,175 131,697 1.2% 8.5% Equity and liabilities 561,697 602,865 600,751 -0.4% 7.0%
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Multi Year Overview 44 Rounding differences may occur. Volume and employees Q1-3 2018 Q1-3 2019 Q1-3 2020 Q1-3 2021 Q1-3 2022 Q1-3 2023 Q1-3 2024 Q1-3 2025 Digital photos in millions of units 1,379.7 1,479.7 1,426.8 1,326.6 1,371.9 1,467.3 1,533.6 1,597.7 Photos from film in millions of units 32.3 29.2 21.2 23.2 22.6 19.0 22.5 23.2 Total volume of photos in millions of units 1,412 1,509 1,448 1,350 1,394 1,486 1,556 1,621 CEWE PHOTOBOOKS in thousand of units 3,692 3,973 3,921 3,324 3,403 3,585 3,591 3,765 Income Turnover in millions of euros 391.7 427.3 413.3 395.0 416.1 453.2 481.1 503.8 EBITDA in millions of euros 26.0 38.0 40.2 39.4 38.1 40.8 43.9 40.2 EBITDA margin as % of turnover 6.6 8.9 9.7 10.0 9.2 9.0 9.1 8.0 EBIT millions of euros -3.8 -2.0 -0.6 0.1 -1.4 2.3 5.0 1.8 EBIT margin as % of turnover -1.0 -0.5 -0.2 0.0 -0.3 0.5 1.0 0.3 EBT in millions of euros -4.0 -2.8 -1.5 -1.0 -1.9 1.5 5.7 1.7 Capital employed (CE) Total assets in millions of euros 407.0 513.7 493.7 503.1 528.4 535.1 561.7 600.8 Capital employed (CE) in millions of euros 304.4 400.3 382.5 407.5 428.3 434.5 449.5 478.8 Equity in millions of euros 214.1 236.9 262.4 288.2 309.2 341.1 369.4 400.0 Equity ratio as % of the balance sheet total 52.6 46.1 53.2 57.3 58.5 63.8 65.8 66.6 Net financial liabilities in million euros 43.1 110.5 61.1 59.8 68.3 37.1 8.6 -4.0 ROCE (previous 12 months) as % of average capital employed) 14.5 15.3 15.4 19.8 16.6 18.1 18.7 16.8 Cash flow Cash flow from operating activities in millions of euros 0.6 11.7 12.2 -44.3 -17.1 -1.9 -7.7 -25.7 Cash flow from investing activities in millions of euros -67.6 -57.3 -30.6 -34.1 -44.1 -33.6 -43.1 -39.6 Free cah flow in millions of euros -67.0 -45.6 -18.5 -78.4 -61.3 -35.5 -50.8 -65.2 Cash flow from financing activities in millions of euros 39.9 30.8 2.7 -7.3 -3.7 -15.9 -33.2 -36.3 Change in cash and cash equilalents in millions of euros -27.1 -14.8 -15.7 -85.6 -65.0 -51.4 -84.0 -101.5 Share Number of shares (nominal value: 2.60 euros) in units 7,400,020 7,400,020 7,414,939 7,423,919 7,442,003 7,442,003 7,442,003 7,442,003
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Financial schedule (insofar as already scheduled) 24.11.2025 Deutsches Eigenkapitalforum 2025, Frankfurt 08.01.2026 ODDO BHF Forum 2026, Lyon 21.01.2026 GCC 2026 – UniCredit/Kepler Cheuvreux Conference Mid February Publication of preliminary figures for 2025 28.01.2026 ODDO BHF Small Mid Cap Conference, Frankfurt 26.03.2026 CEWE Annual Press and Analyst Conference 2026 26.03.2026 Publication Annual Report 2025 12.05.2026 Publication of Q1 2026 Interim Statement 12.05.2026 Press Release on Q1 2026 03.06.2026 CEWE Annual General Meeting 2026, Weser-Ems-Halle Oldenburg This presentation contains forward-looking statements that are based on current assumptions and forecasts of the management of CEWE. Known and unknown risks, uncertainties and other factors could lead to material differences between the forward- looking statements given here and the actual development, in particular the results, financial situation and performance of our Company. The Company assumes no liability to update these forward-looking statements or to conform them to future events or developments. All numbers are calculated as exactly as possible and rounded for the presentation. Figures may not sum to 100, because of rounding. Publisher CEWE Stiftung & Co. KGaA Meerweg 30-32 D – 26133 Oldenburg Phone: +49 441 404 0 Fax: +49 441 404 421 Internet: company.cewe.de ir.cewe.de Email: IR@cewe.de 45